People Patterns uses Behavioural Economics as a new source of advantage for innovative businesses. Email me bri@peoplepatterns.com.au to unlock the secrets of consumer behaviour for your business or follow the latest on Twitter @peoplepatterns.

22 Minutes to a Better Business, the book

18 common business issues seen through a new perspective with outcomes rather than outlays in mind...worth 22 minutes of your time?

Welcome to 22 Minutes to a Better Business, a quick dip into how Behavioural Economics can be applied to common business issues, making your business a better business.

I wrote this book because I noticed there was a gap between what is being uncovered in the labs and the issues with which businesses are grappling everyday. Headcount pressures, budgets cuts, whether to increase prices/change your service mix/introduce a new fee, closing the sale, losing market share, staff productivity...these are the key issues with which every business grapples. So where's the guidebook?

And why have I called the book 22 Minutes to a Better Business? Well, I figure if a show like Two and a Half Men can hold the attention of so many for a run-time of 22 minutes, then that should be my objective too. All I'm asking is for you to skip one episode of a sitcom re-run and read this quick dip into Behavioural Economics applied to common business issues...surely you have nothing to lose?

Here's an example of issue number 14; A business that is trapped in an incremental change cycle when it needs to do more.
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Issue #14 Deck chairs: Incremental change when more is needed

It's the talk in the corridors. Why aren't we doing more?! What can you do to get your business leaping rather than tip-toeing forward? As the saying goes, are you moving deck chairs around on the Titanic?

Behavioural Principles to Apply

Not Invented Here Bias - it is our nature to shun ideas from others because we may not understand them.

Commitment - it's difficult to let go even when things aren't working due to our aversion to loss. You need to cast an eye to where the current course is taking you. Restating your desired future will help you reset your short-term plans.

Group think - odd man out. If theirs is a dissenting view, people will tend to doubt themselves, relent and go with the pack. Galvanize your allies and raise your voice if you want change.

Short term and status quo bias - making short-term targets through cost cutting or expedient deals can be attractive. If your business doesn't reward longer-term projects then you will need to appeal to non financial reasons like legacy and ego to secure support.

Case studies

Unfortunately, most businesses tip toe. Sony fell into this category when they failed to see the rise of MP3 technology. Yellow Pages have likewise taken too long to move to digital from print. But it is too easy to judge these businesses in retrospect - at the time the people involved are swayed by the status quo. It is hard to shape the future, particularly when you are the incumbent.

Pilots are trained to challenge if they see their co-pilot going off course. But in business, fear of "career limiting moves" can stymie dissention. Train to challenge the status-quo; make it an expectation.

The crew at Intel tackled there need for change by asking "If we got kicked out and a new CEO came on board, what would they do?". When in doubt, think like an outsider and give yourself the same latitude. Throw off your aversion to loss, your status quo bias, and think like Richard ("I love tackling lazy industries") Branson. _________________________________

Interested in getting a copy of 22 Minutes? It's available to purchase as either a book or e-book on Blurb.com and a preview is available below.

If you have any questions of feedback, I'd love to hear from you on bri@peoplepatterns.com.au. Most importantly, please spread the word because 22 Minutes to a Better Businessis there to be shared. I hope you enjoy.

About Me

Hi! I'm Bri Williams and I run People Patterns, a consultancy specialising in buyer behaviour. I deliver benefits to you by tweaking the interactions you have with your buyers through the application of behavioural science. A marketer and consumer behaviouralist, I've worked across industries for over 15 years, am a specialist contributor to Smartcompany.com.au, facilitator, speaker and author. Contact me at bri@peoplepatterns.com.au to find out how to get your buyers to buy more.

Services available from People Patterns

People Patterns is about businesses getting their buyers to buy more through the application of proven techniques from behavioural sciences such as behavioural economics. By knowing the patterns, you can take the guess work out. Thin of it like "Magician's Secrets finally revealed", but for buyer behaviour!

Contact me via bri@peoplepatterns.com.au or 0408 392 173 to find out about what a difference this new perspective can bring. An obligation free chat could be the best thing you do for your business this year!